Crude Oil Futures: Outlook is expected to remain bullish

Pablo Piovano FXStreet

CME Group’s flash data for crude oil futures markets showed traders reduced their open interest positions by around 12.4K contracts on Thursday, while volume reversed three daily builds in a row and went down by around 294.3K contracts.

WTI appears supported by $80.00

Thursday’s knee-jerk in prices of the WTI came in tandem with declining open interest and volume, leaving scarce room for the continuation of the corrective decline in the very near term. In the meantime, the $80 region per barrel should hold the initial test for the time being.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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